More news
PPG Industries
PPG Industries saw sales rise 11% in Q3, with gains helped by the company’s moves to raise prices as a way to counter higher commodity costs.
The company posted profits of US$311M (US$1.96/share), for Q3 (US$262M or US$1.58/share y-on-y). Net sales were US$3.8bn compared to last year’s US$3.5bn.
Cytec
Cytec Industries Inc posted a better-than-expected profit for the fourth straight quarter, helped by strong demand at its engineered materials business but said its largest business, coating resins, which contributes to about half of its turnover, will slow down in the current quarter.
The company forecast full-year adjusted earnings of US$3.20-US$3.40/share, on revenue of US$3-US$3.1bn. July-September net profit rose to US$47.9M or US$0.98/share, (US$37.7M or US$0.75 y-on-y). Excluding items, the company earned US$1.10/share. Revenue rose 11% to US$778M.
AkzoNobel
AkzoNobel has announced revenue growth of 5%, driven by pricing actions to offset raw material cost inflation. Market conditions have become more difficult since the second quarter, which has had an impact on results, particularly in decorative paints.
While the overall top-line growth remained relatively strong, volume development continued to soften. In addition, input costs continued to rise, outpacing selling price increases. Consequently EBITDA decreased 12% to €507M. Further price increases are being implemented and the cost base is being adjusted.
A major performance improvement programme has been launched and the full €500M EBITDA will be delivered in 2014.
Dow Chemical
Dow Chemical announced that its Q3 earnings jumped 59% on higher prices and sales growth in Asia and Latin America that countered lower sales volume closer to home.
The company reported net income of US$815M (US$0.69/share), for Q3, up US$512M (US$0.45/share) y-on-y. Excluding one-time items, earnings were US$0.62/share (US$0.54/ share y-on-y). Revenue rose 17% to US$15.11bn (US$12.87bn y-on-y). Sales volume was flat, as decreases in North America were offset by improvements in Latin America and Asia.
Bayer Group
The Bayer Group achieved further sales growth and significantly increased Q3 earnings. Sales rose by 1% Q3 to €8670M (Q3 2010: €8581M). The currency- and portfolio-adjusted increase was 4.8%. Sales in the emerging markets rose by 9.5% on a currency-adjusted basis and accounted for a disproportionately large share of growth. The operating result (EBIT) advanced by a substantial 94.9% €1099M (Q3 2010: €564M). MaterialScience anticipates higher sales in Q4.
